Dallas, Texas (August 26, 2011) – StockGuru Shines its Spotlight on ThermoEnergy Corporation (OTCBB: TMEN), a diversified technologies company engaged in the municipal and industrial wastewater treatment and power generation technologies, yesterday announced that it has completed the engineering design phase and has entered into the manufacturing phase of a state-of-the-art ammonia recovery system at New York City’s 26th Ward Wastewater Treatment Plant situated on Jamaica Bay. The manufacturing and construction phase is expected to be completed in approximately 18 months. The Company closed on August 25, 2011, at $0.20, trading in a fifty-two week range of $0.40 – 0.11.
Once deployed, the ThermoEnergy Ammonia Removal and Recovery system will help prevent millions of pounds of ammonia (nitrogen) from entering Jamaica Bay each year, helping the City to achieve its goal of improving the health of Jamaica Bay as outlined under Mayor Bloomberg’s Jamaica Bay Watershed Protection Plan. ThermoEnergy is in the process of expanding its Worcester, Massachusetts fabrication facilities to 40,000 square feet to accommodate the build.
“We are pleased that a project of this magnitude is proceeding on schedule,” said ThermoEnergy President and Chief Executive officer, Cary Bullock. “This phase of the project is expected to generate more than $13 million in revenues over the next several quarters. Once online, the system will be a showcase for the cost efficiency and effectiveness of ThermoEnergy’s Ammonia Recovery Process (ARP) technology at large municipalities, and we are optimistic that it will lead to an accelerated rate of sales engagements at other large municipal wastewater facilities.”
Nitrogen removal and sampling are part of the historic agreement announced by Mayor Bloomberg in February 2010 between DEP, the New York State Department of Environmental Conservation, the Natural Resources Defense Council, and other environmental stakeholders to improve the overall water quality and mitigate marshland loss in Jamaica Bay through $115 million of investments over the next decade. These investments, along with $95 million of capital projects are expected to cut nitrogen discharges into Jamaica Bay in half.
About ThermoEnergy
Founded in 1988, ThermoEnergy is a diversified technologies company engaged in the worldwide development, sales and commercialization of patented and/or proprietary municipal and industrial wastewater treatment and power generation technologies. Additional information on the Company and its technologies can be found on its website at www.thermoenergy.com.
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